Question: Multiple Choice Question Johnson Co. trades in a machine with a book value of $10,000 for a new machine with a list value of $12,000.

Multiple Choice Question Johnson Co. trades in a machine with a book value of $10,000 for a new machine with a list value of $12,000. In addition to the old machine, Johnson also pays $5,000 cash. The gain or loss on this exchange (which has commercial substance) would be how much? Multiple choice question. $3,000 loss $2,000 gain $3,000 gain $2,000 loss

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